Skip the rent so you are ready to pull the trigger when you find a good one!

Could you trigger a due on sale clause? 

It's always a good idea to visit a city before you pull the trigger to purchase your first property.

Another important consideration is whether you plan to manage the rental yourself or hire a property manager to handle tenant issues and maintenance.I recommend starting by answering these questions.

I have taken into consideration extra repairs that may be needed due to renters.

Taxes are fairly high so that should be taken into consideration.

The initial price was 9k and the LL has dropped it considerably since it hasn't been leased.

Proper asset location is a non-trivial consideration! 

If you are able to make considerable improvements in those first few years while living there, being an owner occupant during that time also allows you to take out a HELOC on the property much more easily than on something that's already a rental, giving you valuable access to capital for subsequent projects.

If you are in OC (not Santa Ana), you probably don't have to worry about rent control unless the law changes at a later date.3) Check your lease agreement for wording about rent increases and comply with the terms.4) Make sure Newsom hasn't declared a state of emergency...which often trigger rent freezes.5) Once you confirmed that your condo is exempt and no local protections apply, send a rent increase notice for any amount.